Spare, an Open Finance infrastructure provider, has secured In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE), positioning it as one of the early adopters in the region’s Open Finance framework.

This approval signifies Spare’s dedication to providing secure and compliant financial services that prioritize user needs. It reflects the company’s commitment to fostering innovation and development within the financial sector across the UAE.

Spare’s Growth Strategy in the UAE

The UAE offers a strategic market for Open Finance due to its established regulatory framework and strong momentum in digital financial services, making it an attractive destination for Spare. The Central Bank of the UAE’s decision to implement the Open Finance Regulation aligns well with Spare’s business objectives.

Spare’s approach centers on empowering merchants by providing them with a unified API platform that supports various functionalities such as account-to-account (A2A) payments, recurring payments, future-dated payments, and identity verification. The company’s services are available in multiple countries including Saudi Arabia, Bahrain, the UAE, and Kuwait.

Additionally, Spare has recently secured USD 3 million to support its growth strategies, which include expanding its presence across the Kingdom of Saudi Arabia (KSA), enhancing talent acquisition, and investing in marketing efforts. This financial backing will enable the company to continue developing innovative Open Finance solutions tailored to meet market demands.